PLEASE NOTE: Most of our live programs have been paused due to COVID19. Events show below are available. You may schedule “Strategies to Survive and Prosper” program by appointment. Call (978) 468-6528.
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2022 Medicaid Planning Update
June 2 @ 9:00 am – 1:00 pm
MassHealth rules or more specifically the application of these rules are constantly evolving. Between the Supreme Judicial Court decision in the Fournier case and the settlement agreement in the Hirvi case, coupled with required meetings with MassHealth to discuss procedural rules and application of cases and fair hearings to the MassHealth regulations, there appears to be a trend in the right direction.
Come learn how to finally draft these irrevocable trusts to withstand MassHealth’s scrutiny by applying their guidelines under the EOM 20-04, while at the same time maintain Grantor trust status, make the transfers incomplete gifts for gift tax purposes, preserve the sec. 1014 step-up in basis, and reduce estate taxes. We will run through some of the arguments the State is using to challenge these trusts and recent fair hearing decisions.
You will also learn the answers to the questions on the last minute Medicaid planning techniques from the caretaker child to the use of annuities and how to best handle IRA’s and life insurance in conjunction with the use of testamentary trusts. Finally, we will explore the look-back rules, exemptions to the look-back period rules, and run through the countable vs. non-countable assets with a focus on the primary residence and rental property and how to project them last minute.
- Drafting successful irrevocable income only trusts in connection with EOM 20-4. How to make these trusts Grantor trusts and explore the Grantor trust rules and related income tax benefits associated with them. Explore how to make the transfers to these trusts incomplete gifts. Learn how to keep the section 1014 step-up in basis and why it is so important today. Learn the income and gift tax ramifications and impact on Medicaid eligibility of life estates under the new tables of EOM 19-12 and how to create them and when best to use them.
- Explore the difference between a look back period and a penalty period. Review annuity rules, who should be beneficiary, correct language to use, and what happens if the community spouse dies first.
- A review of recent cases and fair hearings on challenges to irrevocable trusts, and nominee trusts. How to draft a personal care contract and use them effectively.
- A walk through of what assets are countable vs. non-countable and how they differ if married vs. single, such as the home, rental property, life insurance, band and investment accounts, etc. .
- Q& A Session, Planning Opportunities, 2022 Current Medicaid NumbersHow to draft a personal care contract and use them effectively.
To register call 978-468-6528 or download and fax registration form below2022 Reservation Form
All Programs are Designed to Qualify for CPE Credit Under Rules Promulgated by the State Boards of Accountancy, State Bar Associations, IRS Director of Practice and the Institute of Certified Bankers.